A field in JDE now enables the receiver at the site to input a 'Receipt Date,' so even though the GL date is post-cutoff, this Receipt Date enables Carmen to pinpoint exactly which receipts, in particular the monetary value, that needs to be accrued for prior to cutoff.I know what you're thinking. It should read "accounted for prior to cutoff." Oh ho ho would you be wrong!
What you'd never learn from your bad professors at Temple or in an accounting text book is that while "accounted" seems to be the correct term, the inventory quantities and monetary value has already been accounted for, based on the transaction in the G/L, which happens to be in the next fiscal year.
In the world of accrual accounting, dollars move around as if they had wings, and in this case, via a top-side booked accrual. Therefore, accrued and/or deferred are the correct terms.
And now, watch as my evil plan to turn an innocent kitten into an unstoppable terminator capable of laying waste to all of human civilization becomes reality!
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